Continuing our discussion on accounting 4.0, we mentioned that there are 4 key administrative pillars that are used to properly support a company’s business: tax, accounting, financial and payroll.
Starting with the tax area, keep your company in mind and answer the questions below:
Does your tax team rely on manual inputs to, for example, receive invoices and allocate payments to the bank?
How often does your tax department or accounting office provide you with savings opportunities?
Are you clear on whether your company is complying with all ancillary obligations (tax returns) and that they are being done in the best way possible?
How promptly does your tax department or accounting office present reports and management studies to you when requested?
Depending on the responses to these key questions, you can probably see that there is room for improving business processes and that you could gain a lot more visibility for your business.
This is where current tools and systems tend to assist companies and managers. Nowadays, the entire process of tax receipt, for example, both in terms of goods and services, can enjoy a high level of automation. The key points for this are (i) the proper maintenance of records of goods, services and suppliers and (ii) establishing a culture of creating purchase orders within the company.
Hence, for each of the points cited, such as opportunities for tax savings, compliance with ancillary obligations and managerial studies, there are critical success factors that digital accounting transformation can assist in, providing management with higher visibility and a greater decision-making capacity.
Speak to your accounting office or your tax department and manage to stay on top of this in the Accounting 4.0 era.
